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Canada Revenue Agency sign that depicts prescribed rate

Canada Revenue Agency prescribed rate remains at 6% for Q2 2024

The Canada Revenue Agency prescribed rate will remain at 6 per cent for the second quarter of 2024 (which extends from April 1st, 2024 to June 30th, 2024). The prescribed rate last reached 6 per cent in the second quarter of 2001; it hovered at only 1 per cent during the COVID-19 pandemic. The current […]

Lawyer discussing a family trust with his clients

February tax news: Benefits of a family trust and a last call for 2023 RRSPs

THE BENEFITS OF ESTABLISHING A FAMILY TRUST Estate planning is an important consideration for all individuals, irrespective of their level of wealth. Poor planning, or no planning, can result in an excessive proportion of your estate being lost when you die, in the form of either probate fees or taxes, or both. Luckily, there is […]

Business colleagues having a meeting in a transparent boardroom discussing capital gains share sales

January tax news: Claiming capital gains exemptions, reporting assets outside Canada–and more

CLAIMING YOUR CAPITAL GAINS EXEMPTION ON THE SALE OF SHARES The Lifetime Capital Gains Exemption (LCGE) is an incredibly valuable tax exemption. Every individual is entitled to this exemption and it can currently (for 2024) exempt a gain of up to $1,016,836 (the amount is indexed to inflation each year). In Ontario for example, the […]

CRA interest rates on outstanding taxes increasing

Tax Bulletin: CRA interest rate on outstanding taxes will soon reach 10%

The period of relatively low Canada Revenue Agency interest rates on overdue taxes seems like a distant (and fond) memory. Those charges are now hitting an uncomfortably high level that creates potential new challenges for taxpayers. Beginning in January 2024, CRA prescribed interest rates on overdue or outstanding balances will climb to 10 per cent—from […]

Couple relaxed at home discussing moving as a tax deduction

October tax news: Moving as a tax expense, having CRA penalties waived–and more

MOVING EXPENSES—AN OVERLOOKED TAX EXPENSE? Moving expenses can generate a vast array of deductible items that one can use to offset against new employment location income. People often will neglect a portion of moving expense claims, simply because they are unaware of the long list that constitutes possible moving expenses. This is a very useful […]

Canada Revenue Agency forms, Canadian currency, prescribed rate

Canada Revenue Agency prescribed rate holds steady for Q4 2023

The Canada Revenue Agency prescribed rate will remain unchanged at 5 per cent for the fourth quarter of 2023 (for the period from October 1st through December 31st). After increasing steadily in the wake of the COVID-19 pandemic, the rate has remained static for several consecutive quarters. The prescribed rate is based on the three-month […]

Aggressive tax planning dominoes

June tax news: Aggressive tax planning gets more risky, UHT deadline extended–and more

AGGRESSIVE TAX PLANNING GETS MORE RISKY   The government has been taking more and more measures in recent years to go after “aggressive tax planning” — that is, the use of tax shelters and other schemes to avoid tax in ways not intended by the designers of the tax system. New rules will make it […]